Used Auto Prices Collapsing?

Wonder what will happen to the used car market overall ?

https://ca.finance.yahoo.com/news/fear-impending-car-price-collapse-110000556.html

 

Check out @DRuizG80 on twitter https://www.blindersoffresearch.com/

 

Funny, I just read that article also. Interesting, never thought about the auto auctions not running. Should make it good for the consumers, but the stealerships will make you think otherwise. My local dealers new car lots are stuffed full of cars and trucks.

 

Sweet. I'll use this for bargaining when I offer my neighbor $500 for his 77 mini truck in the future lol

 

I watch Craigslist and Offer up for used auto stuff.
Been a huge bump in oddball vehicles for sale and overpriced garbage.

My landlady tried to trade in her Mercedes S-500 (2002) For a Honda Accord. They offered $1000.

Told her I’d buy it for $1500.

 

I can see used vehicles going down in value. You already are seeing ridiculous loan terms offered on new vehicles. 0% for 7 years? That’s not a good sign about economic future from the auto industry...used vehicles have to go down in prices if new ones are cheaper per month than they used to be

 

My “educated” guess is that private party vehicle sales will increase in a few months, as the economic downturn proves to be more than just a blip, and people look for transportation without financing. Especially with travel miles lessoned considerably for many.

 

I hope prices for private sales of used vehicles don't drop too much. I decided not to trade my car in when I bought the Tundra because the dealership offered me $4k when I think it's worth closer to $11k. I listed it for a couple weeks in January then ended up taking my ads down for a number of reasons. Now it's just sitting in my garage costing me an insurance payment each month.

 

Call the insurance company and tell they you want to put it in storage, if you aren't driving it? That will save you a bunch of $$, I do that with mine all the time when I am not driving it.

 

I already told them I'm not driving it any more. I suppose I could take off collision coverage off and just keep PLPD, fire and theft coverage but I worry about getting screwed if some moron does something stupid on a test drive once I eventually list it again.

 

If you all want a flavor of the used car market - go to Vroom or Carvana and get a quote for purchase of your vehicle. I did this just to see for myself with my other car and wow - did prices drop like a rock!